Modine Manufacturing (MOD) 10-Q 8 Nov 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2019	Nov. 01, 2019
Cover [Abstract]
Entity Registrant Name	MODINE MANUFACTURING CO
Entity Central Index Key	0000067347
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		50,796,770
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-01373
Entity Tax Identification Number	39-0482000
Entity Incorporation, State or Country Code	WI
Entity Address, Address Line One	1500 DeKoven Avenue
Entity Address, City or Town	Racine
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53403
City Area Code	262
Local Phone Number	636-1200
Title of 12(b) Security	Common Stock, $0.625 par value
Trading Symbol	MOD
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Net sales	$ 500.2	$ 548.9	$ 1,029.2	$ 1,115
Cost of sales	424.5	461	870.1	932.8
Gross profit	75.7	87.9	159.1	182.2
Selling, general and administrative expenses	67.4	63.4	130.9	122.7
Restructuring expenses	2.3	0	4.1	0.2
Loss on sale of assets	0	1.7	0	1.7
Operating income	6	22.8	24.1	57.6
Interest expense	(5.8)	(6.5)	(11.7)	(12.7)
Other expense - net	(1.3)	(0.5)	(2.4)	(1.6)
(Loss) earnings before income taxes	(1.1)	15.8	10	43.3
(Provision) benefit for income taxes	(3.7)	22.9	(6.6)	17.9
Net (loss) earnings	(4.8)	38.7	3.4	61.2
Net loss (earnings) attributable to noncontrolling interest	0.1	(0.2)	(0.1)	(0.7)
Net (loss) earnings attributable to Modine	$ (4.7)	$ 38.5	$ 3.3	$ 60.5
Net (loss) earnings per share attributable to Modine shareholders:
Basic (in dollars per share)	$ (0.09)	$ 0.76	$ 0.07	$ 1.19
Diluted (in dollars per share)	$ (0.09)	$ 0.75	$ 0.06	$ 1.18
Weighted-average shares outstanding:
Basic (in shares)	50.8	50.5	50.8	50.4
Diluted (in shares)	50.8	51.4	51.1	51.3

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) [Abstract]
Net (loss) earnings	$ (4.8)	$ 38.7	$ 3.4	$ 61.2
Other comprehensive income (loss):
Foreign currency translation	(19.5)	(5.4)	(17.7)	(30.5)
Defined benefit plans, net of income taxes of $0.3, $0.3, $0.6 and $0.6 million	1.1	1	2.2	2
Cash flow hedges, net of income taxes of $0.1, $0.2, $0.4 and $0.1 million	(0.2)	(0.5)	(1)	(0.1)
Total other comprehensive loss	(18.6)	(4.9)	(16.5)	(28.6)
Comprehensive (loss) income	(23.4)	33.8	(13.1)	32.6
Comprehensive loss (income) attributable to noncontrolling interest	0.3	(0.1)	0.2	(0.2)
Comprehensive (loss) income attributable to Modine	$ (23.1)	$ 33.7	$ (12.9)	$ 32.4

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive income (loss):
Defined benefit plans, tax	$ 0.3	$ 0.3	$ 0.6	$ 0.6
Cash flow hedges, tax expense	$ 0.1	$ 0.2	$ 0.4	$ 0.1

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2019
ASSETS
Cash and cash equivalents	$ 32.3	$ 41.7
Trade accounts receivable - net	310.4	338.6
Inventories	222.6	200.7
Other current assets	77.1	65.8
Total current assets	642.4	646.8
Property, plant and equipment - net	465.7	484.7
Intangible assets - net	110.3	116.2
Goodwill	166.1	168.5
Deferred income taxes	97	97.1
Other noncurrent assets	83	24.7
Total assets	1,564.5	1,538	[1]
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt	139.4	66
Long-term debt - current portion	93.6	48.6
Accounts payable	260.2	280.9
Accrued compensation and employee benefits	73.5	81.7
Other current liabilities	51.1	39.9
Total current liabilities	617.8	517.1
Long-term debt	232.2	335.1
Deferred income taxes	8.5	8.2
Pensions	96.7	101.7
Other noncurrent liabilities	83.7	34.8
Total liabilities	1,038.9	996.9
Commitments and contingencies (see Note 17)
Shareholders' equity:
Preferred stock, $0.025 par value, authorized 16.0 million shares, issued - none	0	0
Common stock, $0.625 par value, authorized 80.0 million shares, issued 53.3 million and 52.8 million shares	33.2	33
Additional paid-in capital	242.9	238.6
Retained earnings	475.4	472.1
Accumulated other comprehensive loss	(194.6)	(178.4)
Treasury stock, at cost, 2.5 million and 2.1 million shares	(37)	(31.4)
Total Modine shareholders' equity	519.9	533.9
Noncontrolling interest	5.7	7.2
Total equity	525.6	541.1
Total liabilities and equity	$ 1,564.5	$ 1,538
[1]	The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019.  See Note 1 for additional information.

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares shares in Millions	Sep. 30, 2019	Mar. 31, 2019
Shareholders' equity:
Preferred stock, par value (in dollars per share)	$ 0.025	$ 0.025
Preferred stock, shares authorized (in shares)	16	16
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.625	$ 0.625
Common stock, shares authorized (in shares)	80	80
Common stock, shares issued (in shares)	53.3	52.8
Treasury stock at cost (in shares)	2.5	2.1

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net earnings	$ 3.4	$ 61.2
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	38.3	38.5
Loss on sale of assets	0	1.7
Stock-based compensation expense	4.4	5.2
Deferred income taxes	(0.5)	(6.4)
Other - net	2	1.6
Changes in operating assets and liabilities:
Trade accounts receivable	19.9	(13.2)
Inventories	(26.2)	(30.4)
Accounts payable	(5.6)	25.5
Other assets and liabilities	(18.2)	(47)
Net cash provided by operating activities	17.5	36.7
Cash flows from investing activities:
Expenditures for property, plant and equipment	(41.4)	(37.9)
Proceeds from sale of investment in affiliate	3.8	0
Other - net	1	0.9
Net cash used for investing activities	(36.6)	(37)
Cash flows from financing activities:
Borrowings of debt	438	146.7
Repayments of debt	(413.7)	(142.2)
Dividend paid to noncontrolling interest	(1.3)	(1.8)
Purchases of treasury stock under share repurchase program	(2.4)	0
Financing fees paid	(1.1)	0
Other - net	(3)	(3.6)
Net cash provided by (used for) financing activities	16.5	(0.9)
Effect of exchange rate changes on cash	(0.9)	(2.5)
Net decrease in cash, cash equivalents and restricted cash	(3.5)	(3.7)
Cash, cash equivalents and restricted cash - beginning of period	42.2	40.3
Cash, cash equivalents and restricted cash - end of period	$ 38.7	$ 36.6

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Treasury Stock, at Cost [Member]	Non-controlling Interest [Member]	Total
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of new accounting guidance (Note 1)	$ 0	$ 0	$ (7.6)	$ 0	$ 0	$ 0	$ (7.6)
Balance at Mar. 31, 2018	$ 32.7	229.9	394.9	(140.3)	(27.1)	8.4	498.5
Balance (in shares) at Mar. 31, 2018	52.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	22	0	0	0	22
Other comprehensive income (loss)	0	0	0	(23.3)	0	(0.4)	(23.7)
Stock options and awards	$ 0.2	(0.2)	0	0	0	0	0
Stock options and awards (in shares)	0.4
Purchase of treasury stock	$ 0	0	0	0	(3.7)	0	(3.7)
Stock-based compensation expense	0	2	0	0	0	0	2
Dividend paid to noncontrolling interest	0	0	0	0	0	(1.8)	(1.8)
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.5	0.5
Balance at Jun. 30, 2018	$ 32.9	231.7	409.3	(163.6)	(30.8)	6.7	486.2
Balance (in shares) at Jun. 30, 2018	52.7
Balance at Mar. 31, 2018	$ 32.7	229.9	394.9	(140.3)	(27.1)	8.4	498.5
Balance (in shares) at Mar. 31, 2018	52.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine							60.5
Other comprehensive income (loss)							(28.6)
Net earnings attributable to noncontrolling interest							0.7
Balance at Sep. 30, 2018	$ 33	235	447.8	(168.4)	(30.8)	6.8	523.4
Balance (in shares) at Sep. 30, 2018	52.7
Balance at Jun. 30, 2018	$ 32.9	231.7	409.3	(163.6)	(30.8)	6.7	486.2
Balance (in shares) at Jun. 30, 2018	52.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	38.5	0	0	0	38.5
Other comprehensive income (loss)	0	0	0	(4.8)	0	(0.1)	(4.9)
Stock options and awards	$ 0.1	0.1	0	0	0	0	0.2
Stock options and awards (in shares)	0
Stock-based compensation expense	$ 0	3.2	0	0	0	0	3.2
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Sep. 30, 2018	$ 33	235	447.8	(168.4)	(30.8)	6.8	523.4
Balance (in shares) at Sep. 30, 2018	52.7
Balance at Mar. 31, 2019	$ 33	238.6	472.1	(178.4)	(31.4)	7.2	$ 541.1
Balance (in shares) at Mar. 31, 2019	52.8						52.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	8	0	0	0	$ 8
Other comprehensive income (loss)	0	0	0	2.2	0	(0.1)	2.1
Stock options and awards	$ 0.2	(0.1)	0	0	0	0	0.1
Stock options and awards (in shares)	0.5
Purchase of treasury stock	$ 0	0	0	0	(5.6)	0	(5.6)
Stock-based compensation expense	0	1.7	0	0	0	0	1.7
Dividend paid to noncontrolling interest	0	0	0	0	0	(1.3)	(1.3)
Net earnings attributable to noncontrolling interest	0	0	0	0	0	0.2	0.2
Balance at Jun. 30, 2019	$ 33.2	240.2	480.1	(176.2)	(37)	6	546.3
Balance (in shares) at Jun. 30, 2019	53.3
Balance at Mar. 31, 2019	$ 33	238.6	472.1	(178.4)	(31.4)	7.2	$ 541.1
Balance (in shares) at Mar. 31, 2019	52.8						52.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine							$ 3.3
Other comprehensive income (loss)							(16.5)
Net earnings attributable to noncontrolling interest							0.1
Balance at Sep. 30, 2019	$ 33.2	242.9	475.4	(194.6)	(37)	5.7	$ 525.6
Balance (in shares) at Sep. 30, 2019	53.3						53.3
Balance at Jun. 30, 2019	$ 33.2	240.2	480.1	(176.2)	(37)	6	$ 546.3
Balance (in shares) at Jun. 30, 2019	53.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Modine	$ 0	0	(4.7)	0	0	0	(4.7)
Other comprehensive income (loss)	0	0	0	(18.4)	0	(0.2)	(18.6)
Stock-based compensation expense	0	2.7	0	0	0	0	2.7
Net earnings attributable to noncontrolling interest	0	0	0	0	0	(0.1)	(0.1)
Balance at Sep. 30, 2019	$ 33.2	$ 242.9	$ 475.4	$ (194.6)	$ (37)	$ 5.7	$ 525.6
Balance (in shares) at Sep. 30, 2019	53.3						53.3

General

General	6 Months Ended
	Sep. 30, 2019
General [Abstract]
General	Note 1: General The accompanying condensed consolidated financial statements were prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States applied on a basis consistent with those principles used in the preparation of the annual consolidated financial statements of Modine Manufacturing Company (“Modine” or the “Company”) for the fiscal year ended March 31, 2019, except in regard to the new accounting guidance adopted, as described below. The financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of results for the interim periods. Results for the first six months of fiscal 2020 are not necessarily indicative of the results to be expected for the full year. These financial statements should be read in conjunction with the consolidated financial statements and related notes in Modine's Annual Report on Form 10-K for the year ended March 31, 2019. Sale of Nikkei Heat Exchanger Company, Ltd. (“NEX”) During the quarter of fiscal the Company completed the sale of its ownership interest in NEX for a selling price of . Prior to the sale, the Company accounted for its investment in this non-consolidated affiliate using the equity method. As a result of this sale, the Company recorded a gain of , which included the write-off of accumulated foreign currency translation gains of , within other income and expense on the consolidated statements of operations. Sale of AIAC Air Conditioning South Africa (Pty) Ltd. During the quarter of fiscal the Company completed the sale of its AIAC Air Conditioning South Africa (Pty) Ltd. business, which was reported within the Building HVAC Systems segment, for a selling price of . As a result of this transaction, the Company recorded a loss of , which included the write-off of accumulated foreign currency translation losses of . The Company reported this loss on sale of assets as a separate line on the consolidated statements of operations. Annual net sales attributable to this disposed business were less than . New Accounting Guidance Adopted in Fiscal 2020 Leases In February 2016, the FASB issued new comprehensive lease accounting guidance that supersedes existing lease accounting guidance and requires balance sheet recognition for most leases. The Company adopted this guidance effective April 1, 2019 using a modified-retrospective transition method, under which it elected not to adjust comparative periods. The Company elected the package of practical expedients permitted under the new guidance, and, as a result, the Company did not reassess the classification of existing leases or initial direct costs thereof, or whether existing contracts contain leases. In addition, the Company elected accounting policies to not record short-term leases on the balance sheet and to not separate lease and non-lease components. The Company did not elect the hindsight practical expedient. The Company assessed its global lease portfolio and implemented a new lease accounting software solution and new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases certain manufacturing and IT equipment and vehicles. Upon adoption of this new guidance on April 1, 2019, the Company recognized right-of-use assets for operating leases totaling $61.3 million and corresponding current and noncurrent operating lease liabilities of $12.4 million and $48.9 million, respectively. In addition, the Company assessed two existing build-to-suit arrangements, for which it had recorded property, plant and equipment and long-term debt on its consolidated balance sheet as of March 31, 2019. The Company determined these arrangements represent operating leases under the new accounting guidance. As a result, the Company derecognized the previously-recorded balances and recorded $5.2 million of operating lease right-of-use assets and corresponding lease liabilities. As a result of adopting the new guidance, there was not a significant impact on the Company’s accounting for its previously-recorded capital leases, which are now classified as finance leases under the new guidance. In addition, there was no impact to retained earnings. Also, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued new guidance related to the accounting for certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from tax reform legislation that was enacted in the U.S. in December 2017. This guidance provided companies the option to reclassify stranded income tax effects to retained earnings. The Company adopted this guidance as of April 1, 2019 and chose not to reclassify stranded income tax effects; therefore, the adoption of this guidance did not impact the Company’s consolidated financial statements. New Accounting Guidance Adopted in Fiscal 2019 Revenue Recognition In May 2014, the FASB issued new guidance that outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the new guidance is that companies are to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded an increase of $ million to retained earnings. Income Taxes: Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued new guidance related to income tax accounting for intercompany asset transfers. This new guidance requires companies to recognize the income tax effects of intercompany asset transfers other than inventory at the transaction date. The income tax effects of these transfers were previously deferred. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded a decrease to retained earnings of $ 8.3 million.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Sep. 30, 2019
Revenue Recognition [Abstract]
Revenue Recognition	Note 2: Revenue Recognition Disaggregation of Revenue The table below presents revenue for each of the Company’s business segments, Vehicular Thermal Solutions (“VTS”), Commercial and Industrial Solutions (“CIS”) and Building HVAC Systems (“BHVAC”). Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended September 30, 2019 Three months ended September 30, 2018 VTS CIS BHVAC Segment VTS CIS BHVAC Segment Primary end market: Automotive $ 135.1 $ - $ - $ 135.1 $ 136.4 $ - $ - $ 136.4 Commercial vehicle 81.8 - - 81.8 95.8 - - 95.8 Off-highway 59.6 - - 59.6 76.9 - - 76.9 Commercial HVAC&R - 115.9 46.1 162.0 - 127.6 42.3 169.9 Data center cooling - 26.7 9.5 36.2 - 36.0 8.4 44.4 Industrial cooling - 11.7 - 11.7 - 13.1 - 13.1 Other 22.8 2.4 0.4 25.6 26.5 1.5 - 28.0 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Geographic location: Americas $ 144.9 $ 86.0 $ 38.1 $ 269.0 $ 159.2 $ 103.2 $ 31.8 $ 294.2 Europe 111.0 57.5 17.9 186.4 127.3 62.0 18.9 208.2 Asia 43.4 13.2 - 56.6 49.1 13.0 - 62.1 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Timing of revenue recognition: Products transferred at a point in time $ 290.7 $ 132.4 $ 56.0 $ 479.1 $ 322.5 $ 142.7 $ 50.7 $ 515.9 Products transferred over time 8.6 24.3 - 32.9 13.1 35.5 - 48.6 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Six months ended September 30, 2019 Six months ended September 30, 2018 VTS CIS BHVAC Segment Total VTS CIS BHVAC Segment Total Primary end market: Automotive $ 264.3 $ - $ - $ 264.3 $ 281.5 $ - $ - $ 281.5 Commercial vehicle 180.5 - - 180.5 195.5 - - 195.5 Off-highway 133.5 - - 133.5 160.7 - - 160.7 Commercial HVAC&R - 246.8 84.1 330.9 - 262.9 77.4 340.3 Data center cooling - 50.9 20.1 71.0 - 70.1 18.3 88.4 Industrial cooling - 23.1 - 23.1 - 24.6 - 24.6 Other 47.5 4.7 0.8 53.0 50.7 4.5 - 55.2 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Geographic location: Americas $ 298.2 $ 183.1 $ 67.2 $ 548.5 $ 310.1 $ 208.0 $ 57.1 $ 575.2 Europe 237.1 116.1 37.8 391.0 275.7 127.2 38.6 441.5 Asia 90.5 26.3 - 116.8 102.6 26.9 - 129.5 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Timing of revenue recognition: Products transferred at a point in time $ 609.8 $ 276.3 $ 105.0 $ 991.1 $ 665.3 $ 296.3 $ 95.7 $ 1,057.3 Products transferred over time 16.0 49.2 - 65.2 23.1 65.8 - 88.9 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Contract assets and contract liabilities from contracts with customers were as follows: September 30, 2019 March 31, 2019 Contract assets $ 26.9 $ 22.6 Contract liabilities 5.8 4.0 Contract assets, included within other current assets in the consolidated balance sheets, primarily consist of capitalized costs related to customer-owned tooling contracts, wherein the customer has guaranteed reimbursement, and assets recorded for revenue recognized over time, which represent the Company’s rights to consideration for work completed but not yet billed. The $4.3 million increase in contract assets during the first six months of fiscal 2020 primarily resulted from an increase in contract assets for revenue recognized over time. Contract liabilities, included within other current liabilities in the consolidated balance sheets, consist of payments received in advance of satisfying performance obligations under customer contracts, including contracts for customer-owned tooling. The $1.8 million increase in contract liabilities during the first six months of fiscal 2020 was primarily related to customer contracts for which payment had been received in advance of the Company’s satisfaction of performance obligations.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2019
Fair Value Measurements [Abstract]
Fair Value Measurements	Note 3: Fair Value Measurements Fair value is defined as the price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Fair value measurements are classified under the following hierarchy: • Level 1 – Quoted prices for identical instruments in active markets. • Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3 – Model-derived valuations in which one or more significant inputs are not observable. When available, the Company uses quoted market prices to determine fair value and classifies such measurements as Level 1. In some cases, where market prices are not available, the Company uses observable market-based inputs to calculate fair value, in which case the measurements are classified as Level 2. If quoted or observable market prices are not available, the Company determines fair value based upon valuation models that use, where possible, market-based data such as interest rates, yield curves or currency rates. These measurements are classified as Level 3. The carrying values of cash, cash equivalents, restricted cash, short-term investments, trade accounts receivable, accounts payable, and short-term debt approximate fair value due to the short-term nature of these instruments. The Company holds trading securities in deferred compensation trusts to fund obligations under certain non-qualified deferred compensation plans. The securities’ fair values, which are recorded as other noncurrent assets, are determined based upon quoted prices from active markets and classified within Level of the valuation hierarchy. The Company’s deferred compensation obligations, which are recorded as other noncurrent liabilities, are recorded at the fair values of the investments held by the trust. The fair values of the Company’s trading securities and deferred compensation obligations each totaled and as of September and March respectively. The decrease in the fair value of the trading securities and deferred compensation obligations from March was primarily due to participant withdrawals during the months of fiscal The fair value of the Company’s long-term debt is disclosed in Note

Pensions

Pensions	6 Months Ended
	Sep. 30, 2019
Pensions [Abstract]
Pensions	Note 4: Pensions Pension cost included the following components: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost 2.2 2.4 4.5 4.8 Expected return on plan assets (2.9 ) (3.1 ) (5.9 ) (6.1 ) Amortization of unrecognized net loss 1.5 1.4 3.0 2.8 Net periodic benefit cost $ 0.9 $ 0.8 $ 1.8 $ 1.7 During the six months ended September 30, 2019 and 2018, the Company contributed $1.7 million and $3.7 million, respectively to its U.S. pension plans.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Sep. 30, 2019
Stock-Based Compensation [Abstract]
Stock-Based Compensation	Note 5: Stock-Based Compensation The Company’s stock-based incentive programs consist of the following: (1) a long-term incentive compensation program for officers and other executives that consists of stock awards, stock options, and performance-based stock awards granted for retention and performance, (2) a discretionary equity program for other management and key employees, and (3) stock awards for non-employee directors. The Company calculates compensation expense based upon the fair value of the instruments at the time of grant and subsequently recognizes expense ratably over the respective vesting periods of the stock-based awards. The Company recognized stock-based compensation expense of $2.7 million and $3.2 million for the three months ended September 30, 2019 and 2018, respectively. The Company recognized stock-based compensation expense of $4.4 million and $5.2 million for the six months ended September 30, 2019 and 2018, respectively. The performance component of awards granted under the Company’s long-term incentive plan during the first quarter of fiscal 2020 is based upon both a target three-year average cash flow return on invested capital and a target three-year average revenue growth at the end of the three-year performance period. The fair value of stock-based compensation awards granted during the six months ended September 30, 2019 and 2018 were as follows: Six months ended September 30, 2019 2018 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.3 $ 5.56 0.2 $ 7.81 Restricted stock awards 0.3 $ 13.26 0.2 $ 17.90 Performance stock awards 0.3 $ 13.26 0.2 $ 17.90 Unrestricted stock awards 0.1 $ 14.50 0.1 $ 17.60 The Company used the following assumptions in determining fair value for stock options: Six months ended September 30, 2019 2018 Expected life of awards in years 6.3 6.3 Risk-free interest rate 2.2 % 2.8 % Expected volatility of the Company’s stock 39.2 % 39.7 % Expected dividend yield on the Company’s stock 0.0 % 0.0 % As of September 30, 2019, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.1 2.9 Restricted stock awards 7.1 2.8 Performance stock awards 3.8 2.1 Total $ 14.0 2.6

Restructuring Activities

Restructuring Activities	6 Months Ended
	Sep. 30, 2019
Restructuring Activities [Abstract]
Restructuring Activities	Note 6: Restructuring Activities The Company’s restructuring actions during the first six months of fiscal 2020 consisted primarily of targeted headcount reductions in Europe and the Americas within the VTS segment and plant consolidation activities. The headcount reductions support the Company’s objective to reduce operational and selling, general and administrative (“SG&A”) cost structures. In addition, the Company is in the process of transferring product lines associated with the merger of its North American coils business into the CIS segment in order to accelerate operational improvements and organizational efficiencies. Restructuring and repositioning expenses were as follows: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Employee severance and related benefits $ 1.8 $ - $ 3.3 $ 0.1 Other restructuring and repositioning expenses 0.5 - 0.8 0.1 Total $ 2.3 $ - $ 4.1 $ 0.2 Other restructuring and repositioning expenses primarily consist of equipment transfers and plant consolidation costs. The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended September 30, 2019 2018 Beginning balance $ 7.8 $ 4.8 Additions 1.8 - Payments (2.0 ) (1.4 ) Effect of exchange rate changes (0.2 ) - Ending balance $ 7.4 $ 3.4 Six months ended September 30, 2019 2018 Beginning balance $ 10.0 $ 11.0 Additions 3.3 0.1 Payments (5.7 ) (7.2 ) Effect of exchange rate changes (0.2 ) (0.5 ) Ending balance $ 7.4 $ 3.4

Other Income and Expense

Other Income and Expense	6 Months Ended
	Sep. 30, 2019
Other Income and Expense [Abstract]
Other Income and Expense	Note 7: Other Income and Expense Other income and expense consisted of the following: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Equity in earnings of non-consolidated affiliate (a) $ 0.1 $ 0.2 $ 0.2 $ 0.4 Interest income 0.1 0.1 0.2 0.3 Foreign currency transactions (b) (0.8 ) (0.1 ) (1.4 ) (0.9 ) Net periodic benefit cost (c) (0.7 ) (0.7 ) (1.4 ) (1.4 ) Total other expense - net $ (1.3 ) $ (0.5 ) $ (2.4 ) $ (1.6 ) (a) The amounts reported in fiscal 2020 include a $0.1 million gain recorded as a result of the Company's sale of its ownership interest in NEX. See Note 1 for additional information. (b) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (c) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2019
Income Taxes [Abstract]
Income Taxes	Note : Income Taxes The Company’s effective tax rate for the three months ended September 30, 2019 and 2018 was 336.4 and 144.9 , respectively. The Company’s effective tax rate for the six months ended September 30, 2019 and 2018 was 66.0 and 41.3 , respectively. The effective tax rates for the fiscal periods were favorably impacted by income tax benefits of related to the Company’s accounting for the Tax Cuts and Jobs Act (the “Tax Act”) and income tax benefits of related to the recognition of tax assets for foreign tax credits. In fiscal 2019, the effective tax rate was also favorably impacted by an income tax benefit recorded for a manufacturing deduction in the United States. Compared with the prior year, the Company’s effective tax rate for fiscal 2020 was negatively impacted by the global intangible low taxed income (“GILTI”) provision of the Tax Act, changes in the mix of foreign and domestic earnings, and changes in the valuation allowances in certain jurisdictions. As of September 30, 2019 valuation allowances against deferred tax assets in certain foreign jurisdictions totaled and valuation allowances against certain U.S. deferred tax assets totaled , as it is more likely than not these assets will not be realized based upon historical financial results. The Company will continue to provide a valuation allowance against its net deferred tax assets in each of the applicable jurisdictions until the need for a valuation allowance is eliminated. The need for a valuation allowance is eliminated when the Company determines it is more likely than not the deferred tax assets will be realized. Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with its estimated annual effective tax rate. Under this methodology, the Company applies its estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. The Company records the tax impacts of certain significant, unusual or infrequently occurring items in the period in which they occur. The Company excluded the impact of its operations in certain foreign locations from the overall effective tax rate methodology and recorded them discretely based upon year-to-date results because the Company anticipates net operating losses for the full fiscal year in these jurisdictions. The Company does not anticipate a significant change in unrecognized tax benefits during the remainder of fiscal

Earnings Per Share

Earnings Per Share	6 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Note : E The components of basic and diluted earnings per share were as follows: Three September 30, Six months ended September 30, 2019 2018 2019 2018 Net (loss) earnings attributable to Modine $ (4.7 ) $ 38.5 $ 3.3 $ 60.5 Less: Undistributed earnings attributable to unvested shares - (0.1 ) - (0.2 ) Net (loss) earnings available to Modine shareholders $ (4.7 ) $ 38.4 $ 3.3 $ 60.3 Weighted-average shares outstanding - basic 50.8 50.5 50.8 50.4 Effect of dilutive securities - 0.9 0.3 0.9 Weighted-average shares outstanding - diluted 50.8 51.4 51.1 51.3 (Loss) earnings per share: Net (loss) earnings per share - basic $ (0.09 ) $ 0.76 $ 0.07 $ 1.19 Net (loss) earnings per share - diluted $ (0.09 ) $ 0.75 $ 0.06 $ 1.18 For the three and six months ended September 30, 2019, the calculation of diluted earnings per share excluded 0.9 million and 0.8 million stock options, respectively, because they were anti-dilutive. For both the three and six months ended September 30, 2018, the calculation of diluted earnings per share excluded 0.4 million stock options because they were anti-dilutive. For the three months ended September 30, 2019, the total number of potentially-dilutive securities was 0.3 million. However, these securities were not included in the computation of diluted net loss per share since to do so would have decreased the loss per share.

Cash, Cash Equivalents and Rest

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
	Sep. 30, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 10: Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash consisted of the following: September 30, 2019 March 31, 2019 Cash and cash equivalents $ 32.3 $ 41.7 Restricted cash 6.4 0.5 Total cash, cash equivalents and restricted cash $ 38.7 $ 42.2 As of September 30, 2019 the Company reported of restricted cash within other current assets in the consolidated balance sheet, which primarily consists of a short-term deposit associated with a legal entity restructuring in Europe. The Company reported and of restricted cash as of September 30, 2019 and March 31, 2019 respectively, within other noncurrent assets in the consolidated balance sheets. These noncurrent restricted cash balances consist primarily of deposits for contractual guarantees or commitments required for rents, import and export duties, and commercial agreements.

Inventories

Inventories	6 Months Ended
	Sep. 30, 2019
Inventories [Abstract]
Inventories	Note 11: Inventories Inventories consisted of the following: September 30, 2019 March 31, 2019 Raw materials $ 133.8 $ 122.8 Work in process 36.5 32.2 Finished goods 52.3 45.7 Total inventories $ 222.6 $ 200.7

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Note 12: Property, Plant and Equipment Property, plant and equipment, including depreciable lives, consisted of the following: September 30, 2019 March 31, 2019 Land $ 20.1 $ 20.7 Buildings and improvements (10-40 years) 281.6 285.9 Machinery and equipment (3-15 years) 863.9 848.7 Office equipment (3-10 years) 93.5 92.0 Construction in progress 42.3 57.4 1,301.4 1,304.7 Less: accumulated depreciation (835.7 ) (820.0 ) Net property, plant and equipment $ 465.7 $ 484.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	Note 13: Goodwill and Intangible Assets Changes in the carrying amount of goodwill were as follows: VTS CIS BHVAC Total Goodwill, March 31, 2019 $ 0.5 $ 153.9 $ 14.1 $ 168.5 Effect of exchange rate changes - (1.7 ) (0.7 ) (2.4 ) Goodwill, September 30, 2019 $ 0.5 $ 152.2 $ 13.4 $ 166.1 Intangible assets consisted of the following: September 30, 2019 March 31, 2019 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 60.5 $ (10.7 ) $ 49.8 $ 61.5 $ (9.1 ) $ 52.4 Trade names 58.2 (14.7 ) 43.5 58.9 (13.5 ) 45.4 Acquired technology 23.5 (6.5 ) 17.0 23.9 (5.5 ) 18.4 Total intangible assets $ 142.2 $ (31.9 ) $ 110.3 $ 144.3 $ (28.1 ) $ 116.2 The Company recorded amortization expense of $ million and $ million for the three months ended September 30, 2019 and 2018, respectively. The Company recorded amortization expense of and for the months ended September and respectively. The Company estimates that it will record $ million of amortization expense during the remainder of fiscal 2020 and approximately $ million of annual amortization expense in fiscal 2021 through 2025.

Product Warranties

Product Warranties	6 Months Ended
	Sep. 30, 2019
Product Warranties [Abstract]
Product Warranties	Note 14: Product Warranties Changes in accrued warranty costs were as follows: Three months ended September 30, 2019 2018 Beginning balance $ 9.1 $ 8.7 Warranties recorded at time of sale 1.2 1.3 Adjustments to pre-existing warranties (0.3 ) 0.2 Settlements (1.7 ) (1.8 ) Effect of exchange rate changes (0.2 ) (0.1 ) Ending balance $ 8.1 $ 8.3 Six months ended September 30, 2019 2018 Beginning balance $ 9.2 $ 9.3 Warranties recorded at time of sale 2.6 2.7 Adjustments to pre-existing warranties (0.9 ) (0.2 ) Settlements (2.6 ) (3.1 ) Effect of exchange rate changes (0.2 ) (0.4 ) Ending balance $ 8.1 $ 8.3

Leases

Leases	6 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases	Note 15: Leases Effective April 1, 2019, the Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of right-of-use (“ROU”) assets and corresponding lease liabilities for operating leases on its consolidated balance sheet. The condensed consolidated financial statements for the three and six months ended September 30, 2019 reflect the adoption of this new guidance; however, the comparable prior-year periods have not been adjusted. See Note 1 for additional information regarding the Company’s adoption of the new guidance. Significant Accounting Policy The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. The Company uses the lease term within its determination of the appropriate lease classification, either as an operating lease or as a finance lease, and to calculate straight-line lease expense for its operating leases. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The Company recognizes ROU assets and lease liabilities at the commencement date, based upon the present value of lease payments over the lease term. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated. The Company believes this method effectively estimates a borrowing rate that it could obtain for a debt instrument with similar terms as the lease agreement. Based upon its accounting policy, the Company does not separate lease and non-lease components for any asset class. In addition, the Company does not record short-term leases (i.e. leases with an initial term of 12 months or less) on its consolidated balance sheets and recognizes payments for these leases as lease expense. Certain leases require the Company to pay taxes, insurance, maintenance, and other operating expenses associated with the leased asset. Such amounts are not included in the measurement of the lease liability to the extent they are variable in nature. These variable lease costs are recognized as variable lease expense when incurred. The depreciable life of the ROU assets and related leasehold improvements are limited by the expected lease term, unless the lease contains a provision to transfer title to the Company or a purchase option that the Company expects to execute. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. In addition, the Company leases certain manufacturing and IT equipment and vehicles. The Company’s most significant leases have remaining lease terms of 1 to 15 years. Certain leases contain renewal options for varying periods, which are at the Company’s discretion. If reasonably certain of exercise, the Company includes the renewal periods within the calculation of ROU assets and lease liabilities. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Lease Assets and Liabilities The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location September 30, 2019 Lease Assets Operating lease ROU assets Other noncurrent assets $ 64.7 Finance lease ROU assets (a) Property, plant and equipment - net 8.6 Lease Liabilities Operating lease liabilities Other current liabilities $ 10.1 Operating lease liabilities Other noncurrent liabilities 53.1 Finance lease liabilities Long-term debt - current portion 0.3 Finance lease liabilities Long-term debt 3.5 (a) Finance lease ROU assets were recorded net of accumulated amortization of $1.5 million as of September 30, 2019. Components of Lease Expense The Company records operating lease expense as either cost of sales or SG&A expenses within its consolidated statements of operations, depending upon the nature and use of the ROU assets. The Company records finance lease expense as depreciation expense within cost of sales or SG&A expenses, depending upon the nature and use of the ROU assets, and as interest expense in its consolidated statements of operations. The components of lease expense were as follows: Three months ended September 30, 2019 Six months ended September 30, 2019 Operating lease expense (a) $ 5.2 $ 10.4 Finance lease expense: Depreciation of ROU assets 0.1 0.2 Interest on lease liabilities 0.1 0.1 Total lease expense $ 5.4 $ 10.7 (a) For the three and six months ended September 30, 2019, operating lease expense included short-term lease expense of $1.0 million and $1.9 million, respectively. Variable lease expense was not significant. Supplemental Cash Flow Information Three months ended September 30, 2019 Six months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4.2 $ 7.9 Financing cash flows for finance leases 0.1 0.2 ROU assets obtained in exchange for lease liabilities Operating leases $ 5.1 $ 5.4 Finance leases 0.1 0.1 Lease Term and Discount Rates September 30, 2019 Weighted-average remaining lease term: Operating leases 9.3 years Finance leases 9.3 years Weighted-average discount rate: Operating leases 3.5% Finance leases 4.8% Maturity of Lease Liabilities under New Lease Accounting Guidance Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at September 30, 2019: Fiscal Year Operating Leases Finance Leases Remainder of fiscal 2020 $ 6.0 $ 0.3 2021 12.1 0.5 2022 10.6 0.5 2023 8.6 0.5 2024 6.1 0.5 2025 and beyond 31.1 2.4 Total lease payments 74.5 4.7 Less: Interest (11.3 ) (0.9 ) Present value of lease liabilities $ 63.2 $ 3.8 Maturity of Lease Liabilities under Previous Lease Accounting Guidance Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019: Fiscal Year 2020 $ 14.2 2021 12.4 2022 9.1 2023 7.1 2024 4.7 2025 and beyond 22.9 Total $ 70.4 The Company recorded $19.3 million and $18.5 million of rental expense related to operating leases in fiscal 2019 and 2018, respectively.

Indebtedness

Indebtedness	6 Months Ended
	Sep. 30, 2019
Indebtedness [Abstract]
Indebtedness	Note 16: Indebtedness In June 2019, the Company executed an amended and restated credit agreement with a syndicate of banks that provides for a multi-currency $250.0 million revolving credit facility expiring in June 2024 As a result of the credit agreement modification, the Company deferred debt issuance costs of $ million, which will be amortized over the term of the debt. Long-term debt consisted of the following: Fiscal year of maturity September 30, 2019 March 31, 2019 Term loans 2025 $ 195.4 $ 238.4 6.8% Senior Notes 2021 77.0 85.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) - 7.1 14.3 329.5 387.7 Less: current portion (93.6 ) (48.6 ) Less: unamortized debt issuance costs (3.7 ) (4.0 ) Total long-term debt $ 232.2 $ 335.1 (a) Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations. Long-term debt matures as follows: Fiscal Year Remainder of 2020 $ 15.9 2021 84.5 2022 21.6 2023 21.6 2024 21.6 2025 & beyond 164.3 Total $ 329.5 As of September 30, 2019 and March 31, 2019, the Company reported its revolving credit facility borrowings of $111.7 million and $47.1 million, respectively, as short-term debt on the consolidated balance sheets. At September 30, 2019, domestic letters of credit totaled $5.3 million, resulting in available borrowings under the Company’s revolving credit facility of $133.0 million. The Company also maintains credit agreements for its foreign subsidiaries, with outstanding short-term borrowings at September 30, 2019 and March 31, 2019 of $27.7 million and $18.9 million, respectively. Provisions in the Company’s credit agreement, Senior Note agreements, and various foreign credit agreements require the Company to maintain compliance with various covenants and include certain cross-default clauses. Under its primary debt agreements in the U.S., the Company has provided liens on substantially all domestic assets. In addition, as specified in the credit agreement, the term loans may require prepayments in the event of certain asset sales. The Company is also subject to a leverage ratio covenant, which requires the Company to limit its consolidated indebtedness, less a portion of its cash balance, both as defined by the credit agreements, to no more than three and one-quarter times consolidated net earnings before interest, taxes, depreciation, amortization, and certain other adjustments (“Adjusted EBITDA”). The Company is also subject to an interest expense coverage ratio covenant, which requires the Company to maintain Adjusted EBITDA of at least three times consolidated interest expense. The Company was in compliance with its debt covenants as of September 30, 2019. The Company estimates the fair value of long-term debt using discounted future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. As of September 30, 2019 and March 31, 2019, the carrying value of the Company’s long-term debt approximated fair value, with the exception of the Senior Notes, which had an aggregate fair value of approximately $129.6 million and $137.2 million, respectively. The fair value of the Company’s long-term debt is categorized as Level 2 within the fair value hierarchy. Refer to Note 3 for the definition of a Level 2 fair value measurement.

Contingencies and Litigation

Contingencies and Litigation	6 Months Ended
	Sep. 30, 2019
Contingencies and Litigation [Abstract]
Contingencies and Litigation	Note 17: Contingencies and Litigation Environmental The Company has recorded environmental investigation and remediation accruals related to soil and groundwater contamination at manufacturing facilities in the United States, one of which the Company currently owns and operates, and at its former manufacturing facility in the Netherlands, along with accruals for lesser environmental matters at certain other facilities in the United States and Brazil. These accruals generally relate to facilities where past operations followed practices and procedures that were considered acceptable under then-existing regulations, or where the Company is a successor to the obligations of prior owners, and current laws and regulations require investigative and/or remedial work to ensure sufficient environmental compliance. The accruals for these environmental matters totaled $18.6 million and $18.9 million as of September 30, 2019 and March 31, 2019, respectively. As additional information becomes available, the Company will re-assess the liabilities related to these matters and revise the estimated accruals, if necessary. Based upon currently available information, the Company believes the ultimate outcome of these matters, individually and in the aggregate, will not have a material adverse effect on its financial position. However, these matters are subject to inherent uncertainties, and unfavorable outcomes could occur, including significant monetary damages. Other Litigation In the normal course of business, the Company and its subsidiaries are named as defendants in various lawsuits and enforcement proceedings by private parties, governmental agencies and/or others in which claims are asserted against Modine. The Company believes that any additional loss in excess of amounts already accrued would not have a material effect on the Company’s consolidated balance sheet, results of operations, and cash flows. In addition, management expects that the liabilities which may ultimately result from such lawsuits or proceedings, if any, would not have a material adverse effect on the Company’s financial position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]
Accumulated Other Comprehensive Loss	Note 18: Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss were as follows: Three months ended September 30, 2019 Six months ended September 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive loss before reclassifications (18.7 ) - (0.6 ) (19.3 ) (16.8 ) - (1.6 ) (18.4 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 - 2.8 - 2.8 Realized losses - net (b) - - 0.3 0.3 - - 0.2 0.2 Foreign currency translation gains (c) (0.6 ) - - (0.6 ) (0.6 ) - - (0.6 ) Income taxes - (0.3 ) 0.1 (0.2 ) - (0.6 ) 0.4 (0.2 ) Total other comprehensive income (loss) (19.3 ) 1.1 (0.2 ) (18.4 ) (17.4 ) 2.2 (1.0 ) (16.2 ) Ending balance $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) Three months ended September 30, 2018 Six months ended September 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (6.1 ) - (0.7 ) (6.8 ) (30.8 ) - (0.2 ) (31.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 2.6 - 2.6 Foreign currency translation losses (d) 0.8 - - 0.8 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.6 ) 0.1 (0.5 ) Total other comprehensive income (loss) (5.3 ) 1.0 (0.5 ) (4.8 ) (30.0 ) 2.0 (0.1 ) (28.1 ) Ending balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans. (b) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $ million of accumulated foreign currency translation gains. (d) As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote off $ million of accumulated foreign currency translation losses.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2019
Segment Information [Abstract]
Segment Information	Note 19: Segment Information The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended September 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 288.8 $ 10.5 $ 299.3 $ 321.5 $ 14.1 $ 335.6 CIS 155.7 1.0 156.7 177.4 0.8 178.2 BHVAC 55.7 0.3 56.0 50.0 0.7 50.7 Segment total 500.2 11.8 512.0 548.9 15.6 564.5 Corporate and eliminations - (11.8 ) (11.8 ) - (15.6 ) (15.6 ) Net sales $ 500.2 $ - $ 500.2 $ 548.9 $ - $ 548.9 Six months ended September 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 601.4 $ 24.4 $ 625.8 $ 659.8 $ 28.6 $ 688.4 CIS 323.6 1.9 325.5 360.9 1.2 362.1 BHVAC 104.2 0.8 105.0 94.3 1.4 95.7 Segment total 1,029.2 27.1 1,056.3 1,115.0 31.2 1,146.2 Corporate and eliminations - (27.1 ) (27.1 ) - (31.2 ) (31.2 ) Net sales $ 1,029.2 $ - $ 1,029.2 $ 1,115.0 $ - $ 1,115.0 Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: VTS $ 35.3 11.8 % $ 44.6 13.3 % $ 80.3 12.8 % $ 98.6 14.3 % CIS 22.9 14.6 % 28.3 15.9 % 47.2 14.5 % 56.9 15.7 % BHVAC 17.7 31.7 % 15.0 29.5 % 31.4 29.9 % 26.6 27.8 % Segment total 75.9 14.8 % 87.9 15.6 % 158.9 15.0 % 182.1 15.9 % Corporate and eliminations (0.2 ) - - - 0.2 - 0.1 - Gross profit $ 75.7 15.1 % $ 87.9 16.0 % $ 159.1 15.5 % $ 182.2 16.3 % Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Operating income: VTS $ 7.4 $ 14.1 $ 24.7 $ 39.6 CIS 8.5 12.9 17.5 26.1 BHVAC 8.8 4.8 14.1 8.0 Segment total 24.7 31.8 56.3 73.7 Corporate and eliminations (18.7 ) (9.0 ) (32.2 ) (16.1 ) Operating income $ 6.0 $ 22.8 $ 24.1 $ 57.6 September 30, 2019 March 31, 2019 Total assets: (a) VTS $ 755.3 $ 749.9 CIS 612.8 604.2 BHVAC 103.4 89.4 Corporate and eliminations 93.0 94.5 Total assets $ 1,564.5 $ 1,538.0 (a) The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019. See Note 1 for additional information.

General (Policies)

General (Policies)	6 Months Ended
	Sep. 30, 2019
General [Abstract]
New Accounting Guidance Adopted	New Accounting Guidance Adopted in Fiscal 2020 Leases In February 2016, the FASB issued new comprehensive lease accounting guidance that supersedes existing lease accounting guidance and requires balance sheet recognition for most leases. The Company adopted this guidance effective April 1, 2019 using a modified-retrospective transition method, under which it elected not to adjust comparative periods. The Company elected the package of practical expedients permitted under the new guidance, and, as a result, the Company did not reassess the classification of existing leases or initial direct costs thereof, or whether existing contracts contain leases. In addition, the Company elected accounting policies to not record short-term leases on the balance sheet and to not separate lease and non-lease components. The Company did not elect the hindsight practical expedient. The Company assessed its global lease portfolio and implemented a new lease accounting software solution and new processes and controls to account for leases in accordance with the new guidance. The Company’s most significant leases represent leases of real estate, such as manufacturing facilities, warehouses, and office buildings. The Company also leases certain manufacturing and IT equipment and vehicles. Upon adoption of this new guidance on April 1, 2019, the Company recognized right-of-use assets for operating leases totaling $61.3 million and corresponding current and noncurrent operating lease liabilities of $12.4 million and $48.9 million, respectively. In addition, the Company assessed two existing build-to-suit arrangements, for which it had recorded property, plant and equipment and long-term debt on its consolidated balance sheet as of March 31, 2019. The Company determined these arrangements represent operating leases under the new accounting guidance. As a result, the Company derecognized the previously-recorded balances and recorded $5.2 million of operating lease right-of-use assets and corresponding lease liabilities. As a result of adopting the new guidance, there was not a significant impact on the Company’s accounting for its previously-recorded capital leases, which are now classified as finance leases under the new guidance. In addition, there was no impact to retained earnings. Also, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In February 2018, the FASB issued new guidance related to the accounting for certain stranded income tax effects in accumulated other comprehensive income (loss) resulting from tax reform legislation that was enacted in the U.S. in December 2017. This guidance provided companies the option to reclassify stranded income tax effects to retained earnings. The Company adopted this guidance as of April 1, 2019 and chose not to reclassify stranded income tax effects; therefore, the adoption of this guidance did not impact the Company’s consolidated financial statements. New Accounting Guidance Adopted in Fiscal 2019 Revenue Recognition In May 2014, the FASB issued new guidance that outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The core principle of the new guidance is that companies are to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded an increase of $ million to retained earnings. Income Taxes: Intra-Entity Transfers of Assets Other than Inventory In October 2016, the FASB issued new guidance related to income tax accounting for intercompany asset transfers. This new guidance requires companies to recognize the income tax effects of intercompany asset transfers other than inventory at the transaction date. The income tax effects of these transfers were previously deferred. The Company adopted this new guidance as of April 1, 2018, and, as a result, recorded a decrease to retained earnings of $ 8.3 million.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Sep. 30, 2019
Revenue Recognition [Abstract]
Disaggregation of Revenue	The table below presents revenue for each of the Company’s business segments, Vehicular Thermal Solutions (“VTS”), Commercial and Industrial Solutions (“CIS”) and Building HVAC Systems (“BHVAC”). Each segment’s revenue is disaggregated by primary end market, by geographic location and based upon the timing of revenue recognition. Three months ended September 30, 2019 Three months ended September 30, 2018 VTS CIS BHVAC Segment VTS CIS BHVAC Segment Primary end market: Automotive $ 135.1 $ - $ - $ 135.1 $ 136.4 $ - $ - $ 136.4 Commercial vehicle 81.8 - - 81.8 95.8 - - 95.8 Off-highway 59.6 - - 59.6 76.9 - - 76.9 Commercial HVAC&R - 115.9 46.1 162.0 - 127.6 42.3 169.9 Data center cooling - 26.7 9.5 36.2 - 36.0 8.4 44.4 Industrial cooling - 11.7 - 11.7 - 13.1 - 13.1 Other 22.8 2.4 0.4 25.6 26.5 1.5 - 28.0 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Geographic location: Americas $ 144.9 $ 86.0 $ 38.1 $ 269.0 $ 159.2 $ 103.2 $ 31.8 $ 294.2 Europe 111.0 57.5 17.9 186.4 127.3 62.0 18.9 208.2 Asia 43.4 13.2 - 56.6 49.1 13.0 - 62.1 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Timing of revenue recognition: Products transferred at a point in time $ 290.7 $ 132.4 $ 56.0 $ 479.1 $ 322.5 $ 142.7 $ 50.7 $ 515.9 Products transferred over time 8.6 24.3 - 32.9 13.1 35.5 - 48.6 Net sales $ 299.3 $ 156.7 $ 56.0 $ 512.0 $ 335.6 $ 178.2 $ 50.7 $ 564.5 Six months ended September 30, 2019 Six months ended September 30, 2018 VTS CIS BHVAC Segment Total VTS CIS BHVAC Segment Total Primary end market: Automotive $ 264.3 $ - $ - $ 264.3 $ 281.5 $ - $ - $ 281.5 Commercial vehicle 180.5 - - 180.5 195.5 - - 195.5 Off-highway 133.5 - - 133.5 160.7 - - 160.7 Commercial HVAC&R - 246.8 84.1 330.9 - 262.9 77.4 340.3 Data center cooling - 50.9 20.1 71.0 - 70.1 18.3 88.4 Industrial cooling - 23.1 - 23.1 - 24.6 - 24.6 Other 47.5 4.7 0.8 53.0 50.7 4.5 - 55.2 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Geographic location: Americas $ 298.2 $ 183.1 $ 67.2 $ 548.5 $ 310.1 $ 208.0 $ 57.1 $ 575.2 Europe 237.1 116.1 37.8 391.0 275.7 127.2 38.6 441.5 Asia 90.5 26.3 - 116.8 102.6 26.9 - 129.5 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2 Timing of revenue recognition: Products transferred at a point in time $ 609.8 $ 276.3 $ 105.0 $ 991.1 $ 665.3 $ 296.3 $ 95.7 $ 1,057.3 Products transferred over time 16.0 49.2 - 65.2 23.1 65.8 - 88.9 Net sales $ 625.8 $ 325.5 $ 105.0 $ 1,056.3 $ 688.4 $ 362.1 $ 95.7 $ 1,146.2
Contract Assets and Contract Liabilities from Contracts with Customers	Contract assets and contract liabilities from contracts with customers were as follows: September 30, 2019 March 31, 2019 Contract assets $ 26.9 $ 22.6 Contract liabilities 5.8 4.0

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Sep. 30, 2019
Pensions [Abstract]
Pension Cost	Pension cost included the following components: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Service cost $ 0.1 $ 0.1 $ 0.2 $ 0.2 Interest cost 2.2 2.4 4.5 4.8 Expected return on plan assets (2.9 ) (3.1 ) (5.9 ) (6.1 ) Amortization of unrecognized net loss 1.5 1.4 3.0 2.8 Net periodic benefit cost $ 0.9 $ 0.8 $ 1.8 $ 1.7

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Sep. 30, 2019
Stock-Based Compensation [Abstract]
Fair Market Value of Stock-Based Compensation Awards	The fair value of stock-based compensation awards granted during the six months ended September 30, 2019 and 2018 were as follows: Six months ended September 30, 2019 2018 Shares Fair Value Per Award Shares Fair Value Per Award Stock options 0.3 $ 5.56 0.2 $ 7.81 Restricted stock awards 0.3 $ 13.26 0.2 $ 17.90 Performance stock awards 0.3 $ 13.26 0.2 $ 17.90 Unrestricted stock awards 0.1 $ 14.50 0.1 $ 17.60
Assumptions Used in Determining Fair Value of Stock Options	The Company used the following assumptions in determining fair value for stock options: Six months ended September 30, 2019 2018 Expected life of awards in years 6.3 6.3 Risk-free interest rate 2.2 % 2.8 % Expected volatility of the Company’s stock 39.2 % 39.7 % Expected dividend yield on the Company’s stock 0.0 % 0.0 %
Unrecognized Compensation Expenses Related to Non-Vested Stock-Based Compensation Awards	As of September 30, 2019, unrecognized compensation expense related to non-vested stock-based compensation awards, which will be amortized over the remaining service periods, was as follows: Unrecognized Compensation Expense Weighted-Average Remaining Service Period in Years Stock options $ 3.1 2.9 Restricted stock awards 7.1 2.8 Performance stock awards 3.8 2.1 Total $ 14.0 2.6

Restructuring Activities (Table

Restructuring Activities (Tables)	6 Months Ended
	Sep. 30, 2019
Restructuring Activities [Abstract]
Restructuring and Repositioning Expenses	Restructuring and repositioning expenses were as follows: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Employee severance and related benefits $ 1.8 $ - $ 3.3 $ 0.1 Other restructuring and repositioning expenses 0.5 - 0.8 0.1 Total $ 2.3 $ - $ 4.1 $ 0.2
Changes in Accrued Severance	The Company accrues severance in accordance with its written plans, procedures, and relevant statutory requirements. Changes in accrued severance were as follows: Three months ended September 30, 2019 2018 Beginning balance $ 7.8 $ 4.8 Additions 1.8 - Payments (2.0 ) (1.4 ) Effect of exchange rate changes (0.2 ) - Ending balance $ 7.4 $ 3.4 Six months ended September 30, 2019 2018 Beginning balance $ 10.0 $ 11.0 Additions 3.3 0.1 Payments (5.7 ) (7.2 ) Effect of exchange rate changes (0.2 ) (0.5 ) Ending balance $ 7.4 $ 3.4

Other Income and Expense (Table

Other Income and Expense (Tables)	6 Months Ended
	Sep. 30, 2019
Other Income and Expense [Abstract]
Other Income and Expense	Other income and expense consisted of the following: Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Equity in earnings of non-consolidated affiliate (a) $ 0.1 $ 0.2 $ 0.2 $ 0.4 Interest income 0.1 0.1 0.2 0.3 Foreign currency transactions (b) (0.8 ) (0.1 ) (1.4 ) (0.9 ) Net periodic benefit cost (c) (0.7 ) (0.7 ) (1.4 ) (1.4 ) Total other expense - net $ (1.3 ) $ (0.5 ) $ (2.4 ) $ (1.6 ) (a) The amounts reported in fiscal 2020 include a $0.1 million gain recorded as a result of the Company's sale of its ownership interest in NEX. See Note 1 for additional information. (b) Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts. (c) Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The components of basic and diluted earnings per share were as follows: Three September 30, Six months ended September 30, 2019 2018 2019 2018 Net (loss) earnings attributable to Modine $ (4.7 ) $ 38.5 $ 3.3 $ 60.5 Less: Undistributed earnings attributable to unvested shares - (0.1 ) - (0.2 ) Net (loss) earnings available to Modine shareholders $ (4.7 ) $ 38.4 $ 3.3 $ 60.3 Weighted-average shares outstanding - basic 50.8 50.5 50.8 50.4 Effect of dilutive securities - 0.9 0.3 0.9 Weighted-average shares outstanding - diluted 50.8 51.4 51.1 51.3 (Loss) earnings per share: Net (loss) earnings per share - basic $ (0.09 ) $ 0.76 $ 0.07 $ 1.19 Net (loss) earnings per share - diluted $ (0.09 ) $ 0.75 $ 0.06 $ 1.18

Cash, Cash Equivalents and Re_2

Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Sep. 30, 2019
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and Cash Equivalents and Restricted Cash	Cash, cash equivalents and restricted cash consisted of the following: September 30, 2019 March 31, 2019 Cash and cash equivalents $ 32.3 $ 41.7 Restricted cash 6.4 0.5 Total cash, cash equivalents and restricted cash $ 38.7 $ 42.2

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Sep. 30, 2019
Inventories [Abstract]
Inventories	Inventories consisted of the following: September 30, 2019 March 31, 2019 Raw materials $ 133.8 $ 122.8 Work in process 36.5 32.2 Finished goods 52.3 45.7 Total inventories $ 222.6 $ 200.7

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant and equipment, including depreciable lives, consisted of the following: September 30, 2019 March 31, 2019 Land $ 20.1 $ 20.7 Buildings and improvements (10-40 years) 281.6 285.9 Machinery and equipment (3-15 years) 863.9 848.7 Office equipment (3-10 years) 93.5 92.0 Construction in progress 42.3 57.4 1,301.4 1,304.7 Less: accumulated depreciation (835.7 ) (820.0 ) Net property, plant and equipment $ 465.7 $ 484.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Sep. 30, 2019
Goodwill and Intangible Assets [Abstract]
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill were as follows: VTS CIS BHVAC Total Goodwill, March 31, 2019 $ 0.5 $ 153.9 $ 14.1 $ 168.5 Effect of exchange rate changes - (1.7 ) (0.7 ) (2.4 ) Goodwill, September 30, 2019 $ 0.5 $ 152.2 $ 13.4 $ 166.1
Intangible Assets	Intangible assets consisted of the following: September 30, 2019 March 31, 2019 Gross Net Gross Net Carrying Accumulated Intangible Carrying Accumulated Intangible Value Amortization Assets Value Amortization Assets Customer relationships $ 60.5 $ (10.7 ) $ 49.8 $ 61.5 $ (9.1 ) $ 52.4 Trade names 58.2 (14.7 ) 43.5 58.9 (13.5 ) 45.4 Acquired technology 23.5 (6.5 ) 17.0 23.9 (5.5 ) 18.4 Total intangible assets $ 142.2 $ (31.9 ) $ 110.3 $ 144.3 $ (28.1 ) $ 116.2

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Sep. 30, 2019
Product Warranties [Abstract]
Changes in Accrued Warranty Costs	Changes in accrued warranty costs were as follows: Three months ended September 30, 2019 2018 Beginning balance $ 9.1 $ 8.7 Warranties recorded at time of sale 1.2 1.3 Adjustments to pre-existing warranties (0.3 ) 0.2 Settlements (1.7 ) (1.8 ) Effect of exchange rate changes (0.2 ) (0.1 ) Ending balance $ 8.1 $ 8.3 Six months ended September 30, 2019 2018 Beginning balance $ 9.2 $ 9.3 Warranties recorded at time of sale 2.6 2.7 Adjustments to pre-existing warranties (0.9 ) (0.2 ) Settlements (2.6 ) (3.1 ) Effect of exchange rate changes (0.2 ) (0.4 ) Ending balance $ 8.1 $ 8.3

Leases (Tables)

Leases (Tables)	6 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lease Assets and Liabilities Recorded in Consolidated Balance Sheet	The following table provides a summary of leases recorded on the consolidated balance sheet. Balance Sheet Location September 30, 2019 Lease Assets Operating lease ROU assets Other noncurrent assets $ 64.7 Finance lease ROU assets (a) Property, plant and equipment - net 8.6 Lease Liabilities Operating lease liabilities Other current liabilities $ 10.1 Operating lease liabilities Other noncurrent liabilities 53.1 Finance lease liabilities Long-term debt - current portion 0.3 Finance lease liabilities Long-term debt 3.5 (a) Finance lease ROU assets were recorded net of accumulated amortization of $1.5 million as of September 30, 2019.
Components of Lease Expense	The components of lease expense were as follows: Three months ended September 30, 2019 Six months ended September 30, 2019 Operating lease expense (a) $ 5.2 $ 10.4 Finance lease expense: Depreciation of ROU assets 0.1 0.2 Interest on lease liabilities 0.1 0.1 Total lease expense $ 5.4 $ 10.7 (a) For the three and six months ended September 30, 2019, operating lease expense included short-term lease expense of $1.0 million and $1.9 million, respectively. Variable lease expense was not significant.
Supplemental Cash Flow Information	Three months ended September 30, 2019 Six months ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4.2 $ 7.9 Financing cash flows for finance leases 0.1 0.2 ROU assets obtained in exchange for lease liabilities Operating leases $ 5.1 $ 5.4 Finance leases 0.1 0.1
Lease Term and Discount Rates	Lease Term and Discount Rates September 30, 2019 Weighted-average remaining lease term: Operating leases 9.3 years Finance leases 9.3 years Weighted-average discount rate: Operating leases 3.5% Finance leases 4.8%
Maturity of Lease Liabilities under New Lease Accounting Guidance	Future minimum rental payments for leases with initial non-cancellable lease terms in excess of one year were as follows at September 30, 2019: Fiscal Year Operating Leases Finance Leases Remainder of fiscal 2020 $ 6.0 $ 0.3 2021 12.1 0.5 2022 10.6 0.5 2023 8.6 0.5 2024 6.1 0.5 2025 and beyond 31.1 2.4 Total lease payments 74.5 4.7 Less: Interest (11.3 ) (0.9 ) Present value of lease liabilities $ 63.2 $ 3.8
Maturity of Lease Liabilities under Previous Lease Accounting Guidance	Future minimum rental payments for operating leases with initial non-cancellable lease terms in excess of one year were as follows at March 31, 2019: Fiscal Year 2020 $ 14.2 2021 12.4 2022 9.1 2023 7.1 2024 4.7 2025 and beyond 22.9 Total $ 70.4

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Sep. 30, 2019
Indebtedness [Abstract]
Long-Term Indebtedness	Long-term debt consisted of the following: Fiscal year of maturity September 30, 2019 March 31, 2019 Term loans 2025 $ 195.4 $ 238.4 6.8% Senior Notes 2021 77.0 85.0 5.8% Senior Notes 2027 50.0 50.0 Other (a) - 7.1 14.3 329.5 387.7 Less: current portion (93.6 ) (48.6 ) Less: unamortized debt issuance costs (3.7 ) (4.0 ) Total long-term debt $ 232.2 $ 335.1 (a) Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations.
Maturities of Long Term Debt and Capital Lease Obligations	Long-term debt matures as follows: Fiscal Year Remainder of 2020 $ 15.9 2021 84.5 2022 21.6 2023 21.6 2024 21.6 2025 & beyond 164.3 Total $ 329.5

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Sep. 30, 2019
Accumulated Other Comprehensive Loss [Abstract]
Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss were as follows: Three months ended September 30, 2019 Six months ended September 30, 2019 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (40.7 ) $ (135.2 ) $ (0.3 ) $ (176.2 ) $ (42.6 ) $ (136.3 ) $ 0.5 $ (178.4 ) Other comprehensive loss before reclassifications (18.7 ) - (0.6 ) (19.3 ) (16.8 ) - (1.6 ) (18.4 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.4 - 1.4 - 2.8 - 2.8 Realized losses - net (b) - - 0.3 0.3 - - 0.2 0.2 Foreign currency translation gains (c) (0.6 ) - - (0.6 ) (0.6 ) - - (0.6 ) Income taxes - (0.3 ) 0.1 (0.2 ) - (0.6 ) 0.4 (0.2 ) Total other comprehensive income (loss) (19.3 ) 1.1 (0.2 ) (18.4 ) (17.4 ) 2.2 (1.0 ) (16.2 ) Ending balance $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) $ (60.0 ) $ (134.1 ) $ (0.5 ) $ (194.6 ) Three months ended September 30, 2018 Six months ended September 30, 2018 Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Foreign Currency Translation Defined Benefit Plans Cash Flow Hedges Total Beginning balance $ (30.2 ) $ (133.9 ) $ 0.5 $ (163.6 ) $ (5.5 ) $ (134.9 ) $ 0.1 $ (140.3 ) Other comprehensive loss before reclassifications (6.1 ) - (0.7 ) (6.8 ) (30.8 ) - (0.2 ) (31.0 ) Reclassifications: Amortization of unrecognized net loss (a) - 1.3 - 1.3 - 2.6 - 2.6 Foreign currency translation losses (d) 0.8 - - 0.8 0.8 - - 0.8 Income taxes - (0.3 ) 0.2 (0.1 ) - (0.6 ) 0.1 (0.5 ) Total other comprehensive income (loss) (5.3 ) 1.0 (0.5 ) (4.8 ) (30.0 ) 2.0 (0.1 ) (28.1 ) Ending balance $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) $ (35.5 ) $ (132.9 ) $ - $ (168.4 ) (a) Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans. See Note 4 for additional information about the Company’s pension plans. (b) Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings. (c) As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $ million of accumulated foreign currency translation gains. (d) As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote off $ million of accumulated foreign currency translation losses.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2019
Segment Information [Abstract]
Net Sales, Gross Profit, Operating Income and Total Assets by Segment	The following is a summary of net sales, gross profit, operating income, and total assets by segment: Three months ended September 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 288.8 $ 10.5 $ 299.3 $ 321.5 $ 14.1 $ 335.6 CIS 155.7 1.0 156.7 177.4 0.8 178.2 BHVAC 55.7 0.3 56.0 50.0 0.7 50.7 Segment total 500.2 11.8 512.0 548.9 15.6 564.5 Corporate and eliminations - (11.8 ) (11.8 ) - (15.6 ) (15.6 ) Net sales $ 500.2 $ - $ 500.2 $ 548.9 $ - $ 548.9 Six months ended September 30, 2019 2018 External Sales Inter-segment Sales Total External Sales Inter-segment Sales Total Net sales: VTS $ 601.4 $ 24.4 $ 625.8 $ 659.8 $ 28.6 $ 688.4 CIS 323.6 1.9 325.5 360.9 1.2 362.1 BHVAC 104.2 0.8 105.0 94.3 1.4 95.7 Segment total 1,029.2 27.1 1,056.3 1,115.0 31.2 1,146.2 Corporate and eliminations - (27.1 ) (27.1 ) - (31.2 ) (31.2 ) Net sales $ 1,029.2 $ - $ 1,029.2 $ 1,115.0 $ - $ 1,115.0 Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 $'s % of sales $'s % of sales $'s % of sales $'s % of sales Gross profit: VTS $ 35.3 11.8 % $ 44.6 13.3 % $ 80.3 12.8 % $ 98.6 14.3 % CIS 22.9 14.6 % 28.3 15.9 % 47.2 14.5 % 56.9 15.7 % BHVAC 17.7 31.7 % 15.0 29.5 % 31.4 29.9 % 26.6 27.8 % Segment total 75.9 14.8 % 87.9 15.6 % 158.9 15.0 % 182.1 15.9 % Corporate and eliminations (0.2 ) - - - 0.2 - 0.1 - Gross profit $ 75.7 15.1 % $ 87.9 16.0 % $ 159.1 15.5 % $ 182.2 16.3 % Three months ended September 30, Six months ended September 30, 2019 2018 2019 2018 Operating income: VTS $ 7.4 $ 14.1 $ 24.7 $ 39.6 CIS 8.5 12.9 17.5 26.1 BHVAC 8.8 4.8 14.1 8.0 Segment total 24.7 31.8 56.3 73.7 Corporate and eliminations (18.7 ) (9.0 ) (32.2 ) (16.1 ) Operating income $ 6.0 $ 22.8 $ 24.1 $ 57.6 September 30, 2019 March 31, 2019 Total assets: (a) VTS $ 755.3 $ 749.9 CIS 612.8 604.2 BHVAC 103.4 89.4 Corporate and eliminations 93.0 94.5 Total assets $ 1,564.5 $ 1,538.0 (a) The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019. See Note 1 for additional information.

General (Details)

General (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Leases [Abstract]
Right-of-use assets	$ 64.7		$ 64.7	$ 61.3
Operating lease liabilities, Other current liabilities	10.1		10.1
Operating lease liabilities, Other noncurrent liabilities	53.1		53.1
Operating leases, right-of-use liabilities	63.2		63.2
New Accounting Guidance Adopted [Abstract]
Retained earnings	475.4		475.4	472.1
Real Estate Leases [Member]
Leases [Abstract]
Right-of-use assets				61.3
Operating lease liabilities, Other current liabilities				12.4
Operating lease liabilities, Other noncurrent liabilities				48.9
Build to Suit Arrangements [Member]
Leases [Abstract]
Right-of-use assets				$ 5.2
Operating leases, right-of-use liabilities	$ 5.2		$ 5.2
AIAC Air Conditioning South Africa (Pty) Ltd [Member]
Sale of Business [Abstract]
Selling price		$ 0.5
Gain (loss) on sale of business		(1.7)
Gain (loss) on write-off of accumulated foreign currency translation		(0.8)
AIAC Air Conditioning South Africa (Pty) Ltd [Member] | Maximum [Member]
Sale of Business [Abstract]
Annual net sales attributable to disposed business		$ 2
Nikkei Heat Exchanger Company, Ltd [Member]
Sale of Business [Abstract]
Ownership percentage	50.00%		50.00%
Selling price	$ 3.8		$ 3.8
Gain (loss) on sale of business	0.1		$ 0.1
Gain (loss) on write-off of accumulated foreign currency translation	$ 0.6
ASU 2014-09 [Member]
New Accounting Guidance Adopted [Abstract]
Retained earnings					$ 0.7
ASU 2016-16 [Member]
New Accounting Guidance Adopted [Abstract]
Retained earnings					$ (8.3)

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Disaggregation of Revenue [Abstract]
Net sales	$ 500.2	$ 548.9	$ 1,029.2	$ 1,115
Contract with Customer, Asset and Liability [Abstract]
Contract assets	26.9		26.9		$ 22.6
Contract liabilities	5.8		5.8		$ 4
Increase in contract assets			4.3
Increase in contract liabilities			1.8
VTS [Member]
Disaggregation of Revenue [Abstract]
Net sales	299.3	335.6	625.8	688.4
VTS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	290.7	322.5	609.8	665.3
VTS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	8.6	13.1	16	23.1
VTS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	144.9	159.2	298.2	310.1
VTS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	111	127.3	237.1	275.7
VTS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	43.4	49.1	90.5	102.6
VTS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	135.1	136.4	264.3	281.5
VTS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	81.8	95.8	180.5	195.5
VTS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	59.6	76.9	133.5	160.7
VTS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
VTS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
VTS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
VTS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	22.8	26.5	47.5	50.7
CIS [Member]
Disaggregation of Revenue [Abstract]
Net sales	156.7	178.2	325.5	362.1
CIS [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	132.4	142.7	276.3	296.3
CIS [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	24.3	35.5	49.2	65.8
CIS [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	86	103.2	183.1	208
CIS [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	57.5	62	116.1	127.2
CIS [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	13.2	13	26.3	26.9
CIS [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
CIS [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	115.9	127.6	246.8	262.9
CIS [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	26.7	36	50.9	70.1
CIS [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.7	13.1	23.1	24.6
CIS [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	2.4	1.5	4.7	4.5
BHVAC [Member]
Disaggregation of Revenue [Abstract]
Net sales	56	50.7	105	95.7
BHVAC [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	56	50.7	105	95.7
BHVAC [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	38.1	31.8	67.2	57.1
BHVAC [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	17.9	18.9	37.8	38.6
BHVAC [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	46.1	42.3	84.1	77.4
BHVAC [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	9.5	8.4	20.1	18.3
BHVAC [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	0	0	0	0
BHVAC [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	0.4	0	0.8	0
Total Segments [Member]
Disaggregation of Revenue [Abstract]
Net sales	512	564.5	1,056.3	1,146.2
Total Segments [Member] | Products Transferred at a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	479.1	515.9	991.1	1,057.3
Total Segments [Member] | Products Transferred Over Time [Member]
Disaggregation of Revenue [Abstract]
Net sales	32.9	48.6	65.2	88.9
Total Segments [Member] | Americas [Member]
Disaggregation of Revenue [Abstract]
Net sales	269	294.2	548.5	575.2
Total Segments [Member] | Europe [Member]
Disaggregation of Revenue [Abstract]
Net sales	186.4	208.2	391	441.5
Total Segments [Member] | Asia [Member]
Disaggregation of Revenue [Abstract]
Net sales	56.6	62.1	116.8	129.5
Total Segments [Member] | Automotive [Member]
Disaggregation of Revenue [Abstract]
Net sales	135.1	136.4	264.3	281.5
Total Segments [Member] | Commercial Vehicle [Member]
Disaggregation of Revenue [Abstract]
Net sales	81.8	95.8	180.5	195.5
Total Segments [Member] | Off-Highway [Member]
Disaggregation of Revenue [Abstract]
Net sales	59.6	76.9	133.5	160.7
Total Segments [Member] | Commercial HVAC&R [Member]
Disaggregation of Revenue [Abstract]
Net sales	162	169.9	330.9	340.3
Total Segments [Member] | Data Center Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	36.2	44.4	71	88.4
Total Segments [Member] | Industrial Cooling [Member]
Disaggregation of Revenue [Abstract]
Net sales	11.7	13.1	23.1	24.6
Total Segments [Member] | Other [Member]
Disaggregation of Revenue [Abstract]
Net sales	$ 25.6	$ 28	$ 53	$ 55.2

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2019
Fair Value Measurements [Abstract]
Trading securities	$ 6	$ 4.3
Deferred compensation obligations	6	$ 4.3
Decrease in fair value of trading securities	(1.7)
Decrease in fair value of deferred compensation obligations	$ (1.7)

Pensions (Details)

Pensions (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Components of net periodic benefit cost [Abstract]
Net periodic benefit cost	[1]	$ 0.7	$ 0.7	$ 1.4	$ 1.4
Pension [Member]
Components of net periodic benefit cost [Abstract]
Service cost		0.1	0.1	0.2	0.2
Interest cost		2.2	2.4	4.5	4.8
Expected return on plan assets		(2.9)	(3.1)	(5.9)	(6.1)
Amortization of unrecognized net loss		1.5	1.4	3	2.8
Net periodic benefit cost		$ 0.9	$ 0.8	1.8	1.7
Pension [Member] | United States [Member]
Defined benefit plan, plan assets [Abstract]
Employer contributions				$ 1.7	$ 3.7
[1]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock-Based Compensation [Abstract]
Stock-based compensation cost	$ 2.7	$ 3.2	$ 4.4	$ 5.2
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	14		$ 14
Weighted-average remaining service period			2 years 7 months 6 days
Stock Options [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Options granted (in shares)			0.3	0.2
Fair value of options granted (in dollars per share)			$ 5.56	$ 7.81
Assumptions used in determining fair value of options [Abstract]
Expected life of awards			6 years 3 months 18 days	6 years 3 months 18 days
Risk-free interest rate			2.20%	2.80%
Expected volatility of the Company's stock			39.20%	39.70%
Expected dividend yield on the Company's stock			0.00%	0.00%
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	3.1		$ 3.1
Weighted-average remaining service period			2 years 10 months 24 days
Restricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.3	0.2
Fair value of stock granted (in dollars per share)			$ 13.26	$ 17.90
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	7.1		$ 7.1
Weighted-average remaining service period			2 years 9 months 18 days
Performance Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract]
Award performance period			3 years
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.3	0.2
Fair value of stock granted (in dollars per share)			$ 13.26	$ 17.90
Unrecognized compensation expenses and recognition period [Abstract]
Unrecognized compensation expense	$ 3.8		$ 3.8
Weighted-average remaining service period			2 years 1 month 6 days
Unrestricted Stock Awards [Member]
Type and fair value of stock-based compensation awards granted [Abstract]
Stock granted (in shares)			0.1	0.1
Fair value of stock granted (in dollars per share)			$ 14.50	$ 17.60

Restructuring Activities (Detai

Restructuring Activities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring and repositioning expenses [Abstract]
Employee severance and related benefits	$ 1.8	$ 0	$ 3.3	$ 0.1
Other restructuring and repositioning expenses	0.5	0	0.8	0.1
Total	2.3	0	4.1	0.2
Changes in accrued severance [Roll Forward]
Beginning balance	7.8	4.8	10	11
Additions	1.8	0	3.3	0.1
Payments	(2)	(1.4)	(5.7)	(7.2)
Effect of exchange rate changes	(0.2)	0	(0.2)	(0.5)
Ending balance	$ 7.4	$ 3.4	$ 7.4	$ 3.4

Other Income and Expense (Detai

Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended			6 Months Ended
		Sep. 30, 2019		Sep. 30, 2018	Sep. 30, 2019		Sep. 30, 2018
Other Income and Expense [Abstract]
Equity in earnings of non-consolidated affiliate		$ 0.1	[1]	$ 0.2	$ 0.2	[1]	$ 0.4
Interest income		0.1		0.1	0.2		0.3
Foreign currency transactions	[2]	(0.8)		(0.1)	(1.4)		(0.9)
Net periodic benefit cost	[3]	(0.7)		(0.7)	(1.4)		(1.4)
Total other expense - net		(1.3)		$ (0.5)	(2.4)		$ (1.6)
Nikkei Heat Exchanger Company, Ltd [Member]
Other Income and Expenses [Abstract]
Gain on sale of ownership interest		$ 0.1			$ 0.1
[1]	The amounts reported in fiscal 2020 include a $0.1 million gain recorded as a result of the Company's sale of its ownership interest in NEX.  See Note 1 for additional information.
[2]	Foreign currency transactions primarily consist of foreign currency transaction gains and losses on the re-measurement or settlement of foreign currency-denominated assets and liabilities, including intercompany loans and transactions denominated in a foreign currency, along with gains and losses on certain foreign currency exchange contracts.
[3]	Net periodic benefit cost for the Company’s pension and postretirement plans is exclusive of service cost.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Taxes [Abstract]
Effective income tax rate	(336.40%)	(144.90%)	66.00%	(41.30%)
Net of valuation allowance, classification [Abstract]
Income tax expense (benefit) related to US Tax Reform			$ 10.8
Foreign Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Income tax expense (benefit) related to US Tax Reform			13.6
Valuation allowance - deferred tax assets	$ 37.6		37.6
Domestic Tax Jurisdiction [Member]
Net of valuation allowance, classification [Abstract]
Valuation allowance - deferred tax assets	$ 7.4		$ 7.4

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Components of basic and diluted earnings per share [Abstract]
Net (loss) earnings attributable to Modine	$ (4.7)	$ 8	$ 38.5	$ 22	$ 3.3	$ 60.5
Less: Undistributed earnings attributable to unvested shares	0		(0.1)		0	(0.2)
Net (loss) earnings available to Modine shareholders	$ (4.7)		$ 38.4		$ 3.3	$ 60.3
Weighted-average shares outstanding - basic (in shares)	50.8		50.5		50.8	50.4
Effect of dilutive securities (in shares)	0		0.9		0.3	0.9
Weighted-average shares outstanding - diluted (in shares)	50.8		51.4		51.1	51.3
(Loss) earnings per share [Abstract]
Net (loss) earnings per share - basic (in dollars per share)	$ (0.09)		$ 0.76		$ 0.07	$ 1.19
Net (loss) earnings per share - diluted (in dollars per share)	$ (0.09)		$ 0.75		$ 0.06	$ 1.18
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.3
Stock Options [Member]
Antidilutive securities excluded from computation of earning per share [Abstract]
Antidilutive securities excluded from computation of earning per share (in shares)	0.9		0.4		0.8	0.4

Cash, Cash Equivalents and Re_3

Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2018
Cash, Cash Equivalents and Restricted Cash [Abstract]
Cash and cash equivalents	$ 32.3	$ 41.7
Restricted cash	6.4	0.5
Total cash, cash equivalents and restricted cash	38.7	42.2	$ 36.6	$ 40.3
Other Current Assets [Member]
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	6.1
Other Noncurrent Assets [Member]
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 0.3	$ 0.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2019
Inventories [Abstract]
Raw materials	$ 133.8	$ 122.8
Work in process	36.5	32.2
Finished goods	52.3	45.7
Total inventories	$ 222.6	$ 200.7

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2019
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 1,301.4	$ 1,304.7
Less: accumulated depreciation	(835.7)	(820)
Net property, plant and equipment	465.7	484.7
Land [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	20.1	20.7
Buildings and Improvements [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 281.6	$ 285.9
Buildings and Improvements [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	40 years	40 years
Machinery and Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 863.9	$ 848.7
Machinery and Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	15 years	15 years
Office Equipment [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 93.5	$ 92
Office Equipment [Member] | Minimum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	3 years	3 years
Office Equipment [Member] | Maximum [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Property, plant and equipment, depreciable lives	10 years	10 years
Construction in Progress [Member]
Property, plant and equipment, including depreciable lives [Abstract]
Gross property, plant and equipment	$ 42.3	$ 57.4

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 168.5
Effect of exchange rate changes			(2.4)
Goodwill, ending balance	$ 166.1		166.1
Amortized intangible assets [Abstract]
Gross carrying value	142.2		142.2		$ 144.3
Accumulated amortization	(31.9)		(31.9)		(28.1)
Net intangible assets	110.3		110.3		116.2
Amortization expense	2.2	$ 2.3	4.4	$ 4.6
Estimated future amortization expense [Abstract]
Remainder of fiscal 2020	4.4		4.4
2021	8		8
2022	8		8
2023	8		8
2024	8		8
2025	8		8
VTS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			0.5
Effect of exchange rate changes			0
Goodwill, ending balance	0.5		0.5
CIS [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			153.9
Effect of exchange rate changes			(1.7)
Goodwill, ending balance	152.2		152.2
BHVAC [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance			14.1
Effect of exchange rate changes			(0.7)
Goodwill, ending balance	13.4		13.4
Customer Relationships [Member]
Amortized intangible assets [Abstract]
Gross carrying value	60.5		60.5		61.5
Accumulated amortization	(10.7)		(10.7)		(9.1)
Net intangible assets	49.8		49.8		52.4
Trade Names [Member]
Amortized intangible assets [Abstract]
Gross carrying value	58.2		58.2		58.9
Accumulated amortization	(14.7)		(14.7)		(13.5)
Net intangible assets	43.5		43.5		45.4
Acquired Technology [Member]
Amortized intangible assets [Abstract]
Gross carrying value	23.5		23.5		23.9
Accumulated amortization	(6.5)		(6.5)		(5.5)
Net intangible assets	$ 17		$ 17		$ 18.4

Product Warranties (Details)

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Changes in accrued warranty costs [Roll Forward]
Beginning balance	$ 9.1	$ 8.7	$ 9.2	$ 9.3
Warranties recorded at time of sale	1.2	1.3	2.6	2.7
Adjustments to pre-existing warranties	(0.3)	0.2	(0.9)	(0.2)
Settlements	(1.7)	(1.8)	(2.6)	(3.1)
Effect of exchange rate changes	(0.2)	(0.1)	(0.2)	(0.4)
Ending balance	$ 8.1	$ 8.3	$ 8.1	$ 8.3

Leases (Details)

Leases (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended	12 Months Ended
		Sep. 30, 2019	Sep. 30, 2019	Mar. 31, 2019	Mar. 31, 2018
Lease Assets [Abstract]
Right-of-use assets		$ 64.7	$ 64.7	$ 61.3
Finance lease ROU assets, Property, plant and equipment - net	[1]	8.6	8.6
Lease Liabilities [Abstract]
Operating lease liabilities, Other current liabilities		10.1	10.1
Operating lease liabilities, Other noncurrent liabilities		53.1	53.1
Finance lease liabilities, Long-term debt - current portion		0.3	0.3
Finance lease liabilities, Long-term debt		3.5	3.5
Accumulated amortization		1.5	1.5
Components of Lease Expense [Abstract]
Operating lease expense	[2]	5.2	10.4
Finance lease expense [Abstract]
Depreciation of ROU assets		0.1	0.2
Interest on lease liabilities		0.1	0.1
Total lease expense		5.4	10.7
Short-term lease expense		1	1.9
Cash paid for amounts included in measurement of lease liabilities [Abstract]
Operating cash flows for operating leases		4.2	7.9
Financing cash flows for finance leases		0.1	0.2
ROU assets obtained in exchange for lease liabilities [Abstract]
Operating leases		5.1	5.4
Finance leases		$ 0.1	$ 0.1
Weighted-average remaining lease term [Abstract]
Operating leases		9 years 3 months 18 days	9 years 3 months 18 days
Finance leases		9 years 3 months 18 days	9 years 3 months 18 days
Weighted-average discount rate [Abstract]
Operating leases		3.50%	3.50%
Finance leases		4.80%	4.80%
Maturity of Operating Lease Liabilities [Abstract]
Remainder of fiscal 2020		$ 6	$ 6
2021		12.1	12.1
2022		10.6	10.6
2023		8.6	8.6
2024		6.1	6.1
2025 and beyond		31.1	31.1
Total lease payments		74.5	74.5
Less: Interest		(11.3)	(11.3)
Present value of lease liabilities		63.2	63.2
Maturities of Finance Lease Liabilities [Abstract]
Remainder of fiscal 2020		0.3	0.3
2021		0.5	0.5
2022		0.5	0.5
2023		0.5	0.5
2024		0.5	0.5
2025 and beyond		2.4	2.4
Total lease payments		4.7	4.7
Less: Interest		(0.9)	(0.9)
Present value of lease liabilities		$ 3.8	$ 3.8
Future minimum rental commitments under non-cancelable operating leases [Abstract]
2020				14.2
2021				12.4
2022				9.1
2023				7.1
2024				4.7
2025 and beyond				22.9
Total future minimum rental commitments				70.4
Rental expense				$ 19.3	$ 18.5
Minimum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term			1 year
Maximum [Member]
Significant Accounting Policy [Abstract]
Remaining lease term			15 years
[1]	Finance lease ROU assets were recorded net of accumulated amortization of $1.5 million as of September 30, 2019.
[2]	For the three and six months ended September 30, 2019, operating lease expense included short-term lease expense of $1.0 million and $1.9 million, respectively. Variable lease expense was not significant.

Indebtedness (Details)

Indebtedness (Details) - USD ($) $ in Millions		6 Months Ended
		Sep. 30, 2019	Mar. 31, 2019
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 329.5	$ 387.7
Less: current portion		(93.6)	(48.6)
Less: unamortized debt issuance costs		(3.7)	(4)
Total long-term debt		232.2	335.1
Maturities of long term debt and capital lease obligations [Abstract]
Remainder of 2020		15.9
2021		84.5
2022		21.6
2023		21.6
2024		21.6
2025 & beyond		164.3
Total debt		329.5	387.7
Credit Facility [Abstract]
Short-term debt		139.4	66
Long-term debt, fair value		129.6	137.2
Term Loans [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 195.4	238.4
Fiscal year of maturity		Mar. 31, 2025
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 195.4	238.4
Term Loans [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate		3.30%
Revolving Credit Facility [Member]
Credit Facility [Abstract]
Short-term debt		$ 111.7	47.1
Revolving Credit Facility [Member] | Weighted Average [Member]
Credit Facility [Abstract]
Weighted-average interest rate		3.40%
Multi Currency Revolving Credit Facility [Member]
Credit Facility [Abstract]
Maximum borrowing capacity		$ 250
Deferred debt issuance costs		$ 1.1
Expiration date		Jun. 30, 2024
Foreign Credit Agreements [Member]
Credit Facility [Abstract]
Short-term debt		$ 27.7	18.9
Domestic Revolving Credit Facility [Member]
Credit Facility [Abstract]
Letters of credit outstanding		5.3
Available for future borrowings		133
6.8% Senior Notes [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 77	85
Interest rate percentage		6.80%
Fiscal year of maturity		Mar. 31, 2021
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 77	85
5.8% Senior Notes [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt		$ 50	50
Interest rate percentage		5.80%
Fiscal year of maturity		Mar. 31, 2027
Maturities of long term debt and capital lease obligations [Abstract]
Total debt		$ 50	50
Other [Member]
Long-term Debt and Capital Lease Obligations [Abstract]
Total debt	[1]	7.1	14.3
Maturities of long term debt and capital lease obligations [Abstract]
Total debt	[1]	$ 7.1	$ 14.3
[1]	Other long-term debt primarily includes borrowings by foreign subsidiaries and finance lease obligations.

Contingencies and Litigation (D

Contingencies and Litigation (Details) - USD ($) $ in Millions	Sep. 30, 2019	Mar. 31, 2019
Environmental loss contingencies [Abstract]
Reserves for environmental matters	$ 18.6	$ 18.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Sep. 30, 2019		Sep. 30, 2018		Sep. 30, 2019		Sep. 30, 2018
Other comprehensive loss [Abstract]
Beginning balance						$ 533.9
Other comprehensive loss before reclassifications		$ (19.3)		$ (6.8)		(18.4)		$ (31)
Reclassifications for amortization of unrecognized net loss	[1]	1.4		1.3		2.8		2.6
Reclassifications for realized losses - net	[2]	0.3				0.2
Reclassifications for foreign currency translation gains (losses)		(0.6)	[3]	0.8	[4]	(0.6)	[3]	0.8	[4]
Income taxes		(0.2)		(0.1)		(0.2)		(0.5)
Total other comprehensive income (loss)		(18.4)		(4.8)		(16.2)		(28.1)
Ending balance		519.9				519.9
AIAC Air Conditioning South Africa Pty Ltd Member [Member]
Other comprehensive loss [Abstract]
Gain (loss) on write-off of accumulated foreign currency translation				(0.8)
Nikkei Heat Exchanger Company, Ltd [Member]
Other comprehensive loss [Abstract]
Gain (loss) on write-off of accumulated foreign currency translation		0.6
Accumulated Other Comprehensive Loss [Member]
Other comprehensive loss [Abstract]
Beginning balance		(176.2)		(163.6)		(178.4)		(140.3)
Ending balance		(194.6)		(168.4)		(194.6)		(168.4)
Foreign Currency Translation [Member]
Other comprehensive loss [Abstract]
Beginning balance		(40.7)		(30.2)		(42.6)		(5.5)
Other comprehensive loss before reclassifications		(18.7)		(6.1)		(16.8)		(30.8)
Reclassifications for amortization of unrecognized net loss	[1]	0		0		0		0
Reclassifications for realized losses - net	[2]	0				0
Reclassifications for foreign currency translation gains (losses)		(0.6)	[3]	0.8	[4]	(0.6)	[3]	0.8	[4]
Income taxes		0		0		0		0
Total other comprehensive income (loss)		(19.3)		(5.3)		(17.4)		(30)
Ending balance		(60)		(35.5)		(60)		(35.5)
Defined Benefit Plans [Member]
Other comprehensive loss [Abstract]
Beginning balance		(135.2)		(133.9)		(136.3)		(134.9)
Other comprehensive loss before reclassifications		0		0		0		0
Reclassifications for amortization of unrecognized net loss	[1]	1.4		1.3		2.8		2.6
Reclassifications for realized losses - net	[2]	0				0
Reclassifications for foreign currency translation gains (losses)		0	[3]	0	[4]	0	[3]	0	[4]
Income taxes		(0.3)		(0.3)		(0.6)		(0.6)
Total other comprehensive income (loss)		1.1		1		2.2		2
Ending balance		(134.1)		(132.9)		(134.1)		(132.9)
Cash Flow Hedges [Member]
Other comprehensive loss [Abstract]
Beginning balance		(0.3)		0.5		0.5		0.1
Other comprehensive loss before reclassifications		(0.6)		(0.7)		(1.6)		(0.2)
Reclassifications for amortization of unrecognized net loss	[1]	0		0		0		0
Reclassifications for realized losses - net	[2]	0.3				0.2
Reclassifications for foreign currency translation gains (losses)		0	[3]	0	[4]	0	[3]	0	[4]
Income taxes		0.1		0.2		0.4		0.1
Total other comprehensive income (loss)		(0.2)		(0.5)		(1)		(0.1)
Ending balance		$ (0.5)		$ 0		$ (0.5)		$ 0
[1]	Amounts are included in the calculation of net periodic benefit cost for the Company’s defined benefit plans, which include pension and other postretirement plans.  See Note 4 for additional information about the Company’s pension plans.
[2]	Amounts represent net gains and losses associated with cash flow hedges that were reclassified to net earnings.
[3]	As a result of the sale of its investment in NEX during the second quarter of fiscal 2020, the Company wrote off $0.6 million of accumulated foreign currency translation gains.
[4]	As a result of the sale of a business in South Africa during the second quarter of fiscal 2019, the Company wrote off $0.8 million of accumulated foreign currency translation losses.

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019
Segment Reporting Information [Abstract]
Net sales	$ 500.2	$ 548.9	$ 1,029.2	$ 1,115
Gross profit	$ 75.7	$ 87.9	$ 159.1	$ 182.2
Gross profit (% of sales)	15.10%	16.00%	15.50%	16.30%
Operating income	$ 6	$ 22.8	$ 24.1	$ 57.6
Total assets	1,564.5		1,564.5		$ 1,538	[1]
Operating lease assets	64.7		64.7		61.3
VTS [Member]
Segment Reporting Information [Abstract]
Net sales	299.3	335.6	625.8	688.4
CIS [Member]
Segment Reporting Information [Abstract]
Net sales	156.7	178.2	325.5	362.1
BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	56	50.7	105	95.7
Total Segments [Member]
Segment Reporting Information [Abstract]
Net sales	512	564.5	1,056.3	1,146.2
Operating Segments [Member]
Segment Reporting Information [Abstract]
Net sales	500.2	548.9	1,029.2	1,115
Gross profit	$ 75.9	$ 87.9	$ 158.9	$ 182.1
Gross profit (% of sales)	14.80%	15.60%	15.00%	15.90%
Operating income	$ 24.7	$ 31.8	$ 56.3	$ 73.7
Operating Segments [Member] | VTS [Member]
Segment Reporting Information [Abstract]
Net sales	288.8	321.5	601.4	659.8
Gross profit	$ 35.3	$ 44.6	$ 80.3	$ 98.6
Gross profit (% of sales)	11.80%	13.30%	12.80%	14.30%
Operating income	$ 7.4	$ 14.1	$ 24.7	$ 39.6
Total assets	755.3		755.3		749.9	[1]
Operating Segments [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	155.7	177.4	323.6	360.9
Gross profit	$ 22.9	$ 28.3	$ 47.2	$ 56.9
Gross profit (% of sales)	14.60%	15.90%	14.50%	15.70%
Operating income	$ 8.5	$ 12.9	$ 17.5	$ 26.1
Total assets	612.8		612.8		604.2	[1]
Operating Segments [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	55.7	50	104.2	94.3
Gross profit	$ 17.7	$ 15	$ 31.4	$ 26.6
Gross profit (% of sales)	31.70%	29.50%	29.90%	27.80%
Operating income	$ 8.8	$ 4.8	$ 14.1	$ 8
Total assets	103.4		103.4		89.4	[1]
Corporate and Eliminations [Member]
Segment Reporting Information [Abstract]
Net sales	(11.8)	(15.6)	(27.1)	(31.2)
Gross profit	$ (0.2)	$ 0	$ 0.2	$ 0.1
Gross profit (% of sales)	0.00%	0.00%	0.00%	0.00%
Operating income	$ (18.7)	$ (9)	$ (32.2)	$ (16.1)
Total assets	93		93		$ 94.5	[1]
Inter-segment Sales [Member]
Segment Reporting Information [Abstract]
Net sales	11.8	15.6	27.1	31.2
Inter-segment Sales [Member] | VTS [Member]
Segment Reporting Information [Abstract]
Net sales	10.5	14.1	24.4	28.6
Inter-segment Sales [Member] | CIS [Member]
Segment Reporting Information [Abstract]
Net sales	1	0.8	1.9	1.2
Inter-segment Sales [Member] | BHVAC [Member]
Segment Reporting Information [Abstract]
Net sales	$ 0.3	$ 0.7	$ 0.8	$ 1.4
[1]	The Company adopted new lease accounting guidance and, as a result, recorded $61.3 million of operating lease assets on its consolidated balance sheet on April 1, 2019.  See Note 1 for additional information.